Friday, January 25, 2013

Lomborg on US President's "fear-mongering exaggeration" and Mitigating Climate Change

In the long run, the world needs to cut carbon dioxide because it causes global warming. But if the main effort to cut emissions is through subsidies for chic renewables like wind and solar power, virtually no good will be achieved—at very high cost. The cost of climate policies just for the European Union—intended to reduce emissions by 2020 to 20% below 1990 levels—are estimated at about $250 billion annually. And the benefits, when estimated using a standard climate model, will reduce temperature only by an immeasurable one-tenth of a degree Fahrenheit by the end of the century.
Even in 2035, with the most optimistic scenario, the International Energy Agency estimates that just 2.4% of the world's energy will come from wind and only 1% from solar. As is the case today, almost 80% will still come from fossil fuels. As long as green energy is more expensive than fossil fuels, growing consumer markets like those in China and India will continue to use them, despite what well-meaning but broke Westerners try to do